Principal Financial Group Inc. Acquires 310,804 Shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX)

Principal Financial Group Inc. grew its stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 3,099.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,832 shares of the company's stock after buying an additional 310,804 shares during the period. Principal Financial Group Inc. owned 0.54% of Protagonist Therapeutics worth $14,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of PTGX. Franklin Resources Inc. boosted its stake in Protagonist Therapeutics by 127.2% during the third quarter. Franklin Resources Inc. now owns 81,591 shares of the company's stock valued at $3,782,000 after buying an additional 45,674 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Protagonist Therapeutics during the 3rd quarter valued at approximately $909,000. Geode Capital Management LLC grew its holdings in shares of Protagonist Therapeutics by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company's stock valued at $61,873,000 after purchasing an additional 3,528 shares in the last quarter. Barclays PLC grew its holdings in shares of Protagonist Therapeutics by 223.6% in the third quarter. Barclays PLC now owns 126,995 shares of the company's stock valued at $5,714,000 after purchasing an additional 87,755 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Protagonist Therapeutics in the third quarter worth $666,000. Hedge funds and other institutional investors own 98.63% of the company's stock.

Protagonist Therapeutics Trading Down 1.4 %

Shares of PTGX traded down $0.55 during trading hours on Friday, reaching $38.96. 469,797 shares of the company traded hands, compared to its average volume of 744,288. The stock's fifty day moving average price is $43.28 and its 200 day moving average price is $41.21. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 14.65 and a beta of 2.18. Protagonist Therapeutics, Inc. has a 12-month low of $21.43 and a 12-month high of $48.89.

Wall Street Analyst Weigh In

Several research firms have commented on PTGX. Wedbush reiterated an "outperform" rating and set a $58.00 price objective on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. BMO Capital Markets began coverage on Protagonist Therapeutics in a research report on Friday, December 6th. They issued an "outperform" rating and a $62.00 price target for the company. HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Protagonist Therapeutics in a research report on Tuesday, December 10th. TD Cowen upgraded Protagonist Therapeutics to a "strong-buy" rating in a report on Wednesday, September 25th. Finally, Truist Financial began coverage on Protagonist Therapeutics in a report on Monday, September 9th. They set a "buy" rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.78.

Insider Activity at Protagonist Therapeutics

In other news, insider Suneel Gupta sold 103,437 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $46.04, for a total transaction of $4,762,239.48. Following the transaction, the insider now owns 256,174 shares of the company's stock, valued at approximately $11,794,250.96. This represents a 28.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arturo Md Molina sold 1,906 shares of Protagonist Therapeutics stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $40.98, for a total value of $78,107.88. Following the completion of the sale, the insider now owns 46,444 shares of the company's stock, valued at $1,903,275.12. The trade was a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 209,863 shares of company stock worth $9,689,847 in the last 90 days. 5.40% of the stock is owned by corporate insiders.

About Protagonist Therapeutics

Protagonist Therapeutics, Inc, a biopharmaceutical company, develops peptide-based drugs for hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing Rusfertide (PTG-300), an injectable hepcidin mimetic that completed phase 2 clinical trials for the treatment of polycythemia vera and other blood disorders; and JNJ-2113, an orally delivered investigational drug to block biological pathways that completed phase 2b clinical trials for the treatment of moderate-to-severe plaque psoriasis; and PN-943, an orally delivered, gut-restricted alpha 4 beta 7 specific integrin antagonist completed a phase 2 clinical trials in patients with moderate to severe ulcerative colitis.